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May 23, 2022

Energy

OPEC is on the wrong side of history in sticking with Russia, Ukraine’s Naftogaz CEO says

CNBC
CNBC – For more and to sign up click here Naftogaz CEO Yuriy Vitrenko says OPEC is on the wrong side of history in choosing to stick with Russia. Future Publishing | Future Publishing | Getty Images The chief executive of Ukrainian state energy giant Naftogaz says oil producer group......

Russia dominates nuclear power supply chains — and the West needs to prepare now to be independent in the future

CNBC
CNBC – For more and to sign up click here Wind turbine and cooling towers of the Cruas-Meysse nuclear power plant in France, April 12, 2021. Jean-Marie HOSATTE | Gamma-Rapho | Getty Images Russia’s war in Ukraine has pushed countries around the globe to wean themselves from Russian oil and......

China demand must remain weak or we’ll have big trouble in the oil markets, IEA chief says

CNBC
CNBC – For more and to sign up click here Speaking to CNBC on Monday, the executive director of the International Energy Agency spoke about the intricacies of the energy transition and the competing challenges that will need to be balanced in the years ahead. Imaginima | E+ | Getty......

Siemens Energy sees ‘need for action’ in turbine unit takeover plan

Reuters
MADRID, May 23 (Reuters) – Siemens Energy (ENR1n.DE) does not yet see signs of a recovery at wind turbine maker Siemens Gamesa (SGREN.MC), its chief executive said on Monday after launching a bid for minority holdings in the struggling unit. Siemens Energy announced the bid on Saturday after facing pressure......

Siemens Energy makes 4.1 billion euro bid for remaining Siemens Gamesa stake

Reuters
A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio, Spain, June 20, 2017. REUTERS/Vincent West Register now for FREE unlimited access to Reuters.com Register FRANKFURT, May 21 (Reuters) – Siemens Energy (ENR1n.DE) on Saturday said it would offer......

Automakers are jacking up prices on electric vehicles to bake in rising materials costs

CNBC
CNBC – For more and to sign up click here Tesla’s Model 3 at the Tesla store in Washington, D.C. Salwan Georges | The Washington Post | Getty Images Automakers from Tesla to Rivian to Cadillac are hiking prices on their electric vehicles amid changing market conditions and rising commodity......

Renault reveals electric-hydrogen hybrid concept car, says it will have range of up to 497 miles

CNBC
CNBC – For more and to sign up click here Details of Renault’s Scénic Vision concept car were presented to the public on May 19, 2022. The firm’s idea of developing a passenger vehicle that uses hydrogen technology is not unique. Benjamin Girette | Bloomberg | Getty Images Renault has......

Finland’s gas flows from Russia to be shut off from Saturday, energy provider says

CNBC
CNBC – For more and to sign up click here A drilling rig at a gas processing facility, operated by Gazprom. Maxim Shemetov | Reuters Russia looks like its made its first retaliatory move against Finland after lawmakers in Helsinki officially applied to join the military alliance NATO. Gasum, Finland’s......

‘Who is talking about climate change now?’ What the Ukraine war means for global heating

CNBC
CNBC – For more and to sign up click here A group of Ukrainian women demonstrate to call for further action against Russia near the headquarters of the EU Commission in Brussels, Belgium. Thierry Monasse | Getty Images News | Getty Images LONDON — Reflecting on energy markets just over......

Europe admits it’ll have to burn more coal as it tries to wean itself off Russian energy

CNBC
CNBC – For more and to sign up click here A wind turbine and coal in Lower Saxony, Germany. The EU’s desire to wean itself off Russian hydrocarbons means it will need to find fossil fuels from other parts of the world to plug supply gaps. Mia Bucher | Picture......

Consumers are hurting as ‘global energy shock’ gets underway, says World Energy Council

CNBC
CNBC – For more and to sign up click here The current oil crisis isn’t like previous ones — and consumers will have to bear the brunt of it even as they grapple with rising inflation, Angela Wilkinson from the World Energy Council told CNBC. “I think this is a......

Stephen Roach calls stagflation his base case, warns market is unprepared for the consequences

CNBC
CNBC – For more and to sign up click here Stagflation is making a comeback, according to former Morgan Stanley Asia chairman Stephen Roach. He warns the U.S. is on a dangerous path that leads to higher prices coupled with slower growth. “This inflation problem is widespread, it’s persistent and......

Rising fuel costs are a massive problem for business and consumers — Here’s why they’re so high

CNBC
CNBC – For more and to sign up click here A sign displays gas prices at a gas station on May 10, 2022 in San Mateo County, California. Liu Guanguan | China News Service | Getty Images The surge in gasoline prices is impossible to miss and at the top......

Gas prices just hit a new record high. Here are a few ways to cut down the cost

CNBC
CNBC – For more and to sign up click here As the summer driving season nears, gasoline prices show no signs of slowing down. The national average for unleaded gas hit a new high of $4.59 per gallon Thursday, according to AAA. For the first time ever, the average price was $4......

Centennial, Colgate Energy combine to create $7 bln oil producer

Reuters
May 19 (Reuters) – Centennial Resource Development Inc (CDEV.O) and Colgate Energy Partners III LLC have agreed to a merger of equals, the companies said on Thursday, creating a $7 billion Permian Basin-focused U.S. oil and gas producer. The deal comes when global crude prices have surged after sanctions on......

How relocating Americans created new inflation hot spots

CNBC Real Estate
Americans moved around a lot over the past two years, and those destinations also now happen to have the highest inflation rates in the U.S. “We saw right away that inflation was highest in Phoenix and lowest in San Francisco,” Redfin deputy chief economist Taylor Marr told CNBC. The relationship......

An energy transition loophole is allowing Big Oil to offload high-polluting assets to private buyers

CNBC
CNBC – For more and to sign up click here An oil flare burns at Repsol’s oil refining complex in Cartagena, Spain. Repsol was one of the top sellers of assets between 2017 and 2021 in EDF’s analysis. Bloomberg | Bloomberg | Getty Images Oil and gas giants are increasingly......

Keeping Illinois nuclear plants open is saving some customers $237 a year on average

CNBC
CNBC – For more and to sign up click here Byron, UNITED STATES: The Exelon Byron Nuclear Generating Stations running at full capacity 14 May, 2007, in Byron, Illinois. (Photo credit should read JEFF HAYNES/AFP via Getty Images) JEFF HAYNES | AFP | Getty Images Nuclear energy pays in times......

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